MALTA, N.Y., May 06, 2025 (GLOBE NEWSWIRE) — GLOBALFOUNDRIES Inc. (GF) (Nasdaq: GFS) today announced preliminary financial results for the first quarter ended March 31, 2025.
Key First Quarter Financial Highlights
- Revenue of $1.585 billion
- Gross margin of 22.4% and Non-IFRS gross margin(1) of 23.9%
- Operating margin of 9.5% and Non-IFRS operating margin(1) of 13.4%
- Net income of $211 million and Non-IFRS net income(1) of $189 million
- Diluted earnings per share of $0.38 and Non-IFRS diluted earnings per share(1) of $0.34
- Non-IFRS adjusted EBITDA(1) of $558 million
- Ending cash, cash equivalents and marketable securities of $3.7 billion
- Net cash provided by operating activities of $331 million and Non-IFRS adjusted free cash flow(1) of $165 million
“In the first quarter, the GF team delivered strong financial results at the high end of the Non-IFRS guidance ranges for revenue, gross margin, and earnings per share,” said Tim Breen, CEO of GF. “A testament to our solid execution, operational excellence, and robust design wins, our Automotive, Communications Infrastructure and Datacenter, and Home and Industrial IoT end markets grew year over year in the first quarter. From autonomous vehicles to satellite communications to optical networking, GF continues to build momentum in critical applications with robust growth prospects.”
Recent Business Highlights
- GF and indie Semiconductor announced a strategic partnership to develop high-performance radar systems-on-chip (SoC). Built on GF’s automotive-qualified 22FDX® platform, these solutions will target 77 GHz and 120 GHz radar applications to enable safety-critical advanced driver assistance systems with low cost, small footprint, and efficient power consumption.
- Ayar Labs announced that the industry’s first Universal Chiplet Interconnect Express (UCIe) optical interconnect chiplet will utilize GF’s monolithic photonics platform. GF’s technology uniquely enables Ayar Lab’s solution to enhance AI infrastructure performance by driving high-speed data over long distances, while reducing latency and power consumption.
- In April, Bosch announced at Auto Shanghai the launch of its next generation single chip radar sensor, which reliably, precisely, and quickly detects objects for assisted and automated driving. As previously announced, GF continues its partnership with Bosch, enabling this high-performance, high-efficiency automotive radar technology with GF’s 22FDX platform.
(
1
) See “Reconciliation of IFRS to Non-IFRS” for a detailed reconciliation of Non-IFRS financial measures to the most directly comparable IFRS measure. See “Financial Measures (Non-IFRS)” for further discussion on these Non-IFRS measures and why we believe they are useful.
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GLOBALFOUNDRIES Inc.
Summary Quarterly Results |
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| Year-over-year | Sequential | |||||||||||||||||||||||||
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Q1’25 |
Q4’24 |
Q1’24 |
Q1’25 vs Q1’24 |
Q1’25 vs Q4’24 |
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| Net revenue | $ | 1,585 | $ | 1,830 | $ | 1,549 | $ | 36 | 2 | % | $ | (245 | ) | (13 | )% | |||||||||||
| Gross profit | $ | 355 | $ | 449 | $ | 393 | $ | (38 | ) | (10 | )% | $ | (94 | ) | (21 | )% | ||||||||||
| Gross margin | 22.4 | % | 24.5 | % | 25.4 | % | (300)bps | (210)bps | ||||||||||||||||||
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Non-IFRS gross profit ( 1 ) |
$ | 379 | $ | 464 | $ | 405 | $ | (26 | ) | (6 | )% | $ | (85 | ) | (18 | )% | ||||||||||
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Non-IFRS gross margin ( 1 ) |
23.9 | % | 25.4 | % | 26.1 | % | (220)bps | (150)bps | ||||||||||||||||||
| Operating profit (loss) | $ | 151 | $ | (701 | ) | $ | 147 | $ | 4 | 3 | % | $ | 852 | 122 | % | |||||||||||
| Operating (loss) margin | 9.5 | % | (38.3 | )% | 9.5 | % | 0bps | +4,780bps | ||||||||||||||||||
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Non-IFRS operating profit ( 1 ) |
$ | 213 | $ | 285 | $ | 187 | $ | 26 | 14 | % | $ | (72 | ) | (25 | )% | |||||||||||
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Non-IFRS operating margin ( 1 ) |
13.4 | % | 15.6 | % | 12.1 | % | +130bps | (220)bps | ||||||||||||||||||
| Net income (loss) | $ | 211 | $ | (729 | ) | $ | 134 | $ | 77 | 57 | % | $ | 940 | 129 | % | |||||||||||
| Net income (loss) margin | 13.3 | % | (39.8 | )% | 8.7 | % | +460bps | +5,310bps | ||||||||||||||||||
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Non-IFRS net income (1) |
$ | 189 | $ | 256 | $ | 174 | $ | 15 | 9 | % | $ | (67 | ) | (26 | )% | |||||||||||
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Non-IFRS net income margin (1) |
11.9 | % | 14.0 | % | 11.2 | % | +70bps | (210)bps | ||||||||||||||||||
| Diluted earnings (loss) per share (“EPS”) | $ | 0.38 | $ | (1.32 | ) | $ | 0.24 | $ | 0.14 | 58 | % | $ | 1.70 | 129 | % | |||||||||||
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Non-IFRS diluted EPS ( 1 ) |
$ | 0.34 | $ | 0.46 | $ | 0.31 | $ | 0.03 | 10 | % | $ | (0.12 | ) | (26 | )% | |||||||||||
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Non-IFRS adjusted EBITDA (1) |
$ | 558 | $ | 661 | $ | 577 | $ | (19 | ) | (3 | )% | $ | (103 | ) | (16 | )% | ||||||||||
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Non-IFRS adjusted EBITDA margin (1) |
35.2 | % | 36.1 | % | 37.2 | % | (200)bps | (90)bps | ||||||||||||||||||
| Cash from operating activities | $ | 331 | $ | 457 | $ | 488 | $ | (157 | ) | (32 | )% | $ | (126 | ) | (28 | )% | ||||||||||
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Wafer shipments (300mm equivalent) (in thousands) |
543 | 595 | 463 | 80 | 17 | % | (52 | ) | (9 | )% | ||||||||||||||||
(
1
) See “Reconciliation of IFRS to Non-IFRS” for a detailed reconciliation of Non-IFRS financial measures to the most directly comparable IFRS measure. See “Financial Measures (Non-IFRS)” for further discussion on these Non-IFRS measures and why we believe they are useful.
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GLOBALFOUNDRIES Inc.
Summary of Second Quarter 2025 Guidance |
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| IFRS |
Share-based compensation (3) |
Non-IFRS (2) |
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| Net revenue | $1,675 ± $25 | ||||
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Gross margin ( 2 ) |
24.1% ± 100bps | ~90bps | 25.0% ± 100bps | ||
| Operating expenses | $222 ± $10 | ~$37 | $185 ± $10 | ||
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Operating margin ( 2 ) |
10.8% ± 180bps | ~320bps | 14.0% ± 180bps | ||
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Diluted EPS (2) (4) |
$0.27 ± $0.06 | ~$0.09 | $0.36 ± $0.05 | ||
| Fully Diluted Share Count | ~560 | ||||
(1) The Guidance provided contains forward-looking statements as defined in the U.S. Private Securities Litigation Act of 1995, and is subject to the safe harbors created therein. The Guidance includes management’s beliefs and assumptions and is based on information that is available as of the date of this release.
(2) Non-IFRS gross margin, Non-IFRS operating margin, Non-IFRS operating expenses and Non-IFRS diluted EPS are Non-IFRS measures and, for purposes of the Guidance only, are defined as gross profit as a percent of revenue, operating profit as a percent of revenue, operating expenses and diluted EPS, all before share-based compensation, respectively. See “Financial Measures (Non-IFRS)” for further discussion on these Non-IFRS measures and why we believe they are useful.
(3) We expect share-based compensation of $15 million and $37 million in cost of revenue and operating expenses, respectively. The Non-IFRS margin impacts are calculated by dividing share-based compensation by net revenue, and the Non-IFRS diluted EPS impact is calculated by dividing share-based compensation by the fully diluted share count.
(
4
) Included in diluted EPS is net interest income (expense) and other income (expense) which we estimate will be between $3 million and $11 million for the second quarter 2025. Also included in diluted EPS is income tax expense which we estimate will be between $33 million and $47 million for the second quarter 2025.
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GLOBALFOUNDRIES Inc.
Consolidated Statements of Operations |
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| Three Months Ended | ||||||||
| March 31, 2025 | March 31, 2024 | |||||||
| Net revenue | $ | 1,585 | $ | 1,549 | ||||
| Cost of revenue | 1,230 | 1,156 | ||||||
| Gross profit | $ | 355 | $ | 393 | ||||
| Operating expenses: | ||||||||
| Research and development | 127 | 124 | ||||||
| Selling, general and administrative | 77 | 122 | ||||||
| Total operating expenses | $ | 204 | $ | 246 | ||||
| Operating profit | $ | 151 | $ | 147 | ||||
| Finance income (expense), net | 14 | 10 | ||||||
| Other income (expense) | 30 | (2 | ) | |||||
| Income tax (expense) benefit | 16 | (21 | ) | |||||
| Net income | $ | 211 | $ | 134 | ||||
| Attributable to: | ||||||||
| Shareholders of GLOBALFOUNDRIES Inc. | 210 | 133 | ||||||
| Non-controlling interest | 1 | 1 | ||||||
| EPS: | ||||||||
| Basic | $ | 0.38 | $ | 0.24 | ||||
| Diluted | $ | 0.38 | $ | 0.24 | ||||
| Shares used in EPS calculation: | ||||||||
| Basic | 554 | 555 | ||||||
| Diluted | 557 | 558 | ||||||
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GLOBALFOUNDRIES Inc.
Condensed Consolidated Statements of Financial Position |
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| March 31, 2025 | December 31, 2024 | |||||||
| Assets: | ||||||||
| Cash and cash equivalents | $ | 1,596 | $ | 2,192 | ||||
| Marketable securities | 1,281 | 1,194 | ||||||
| Receivables, prepayments and other | 1,415 | 1,406 | ||||||
| Inventories | 1,813 | 1,624 | ||||||
| Current assets | $ | 6,105 | $ | 6,416 | ||||
| Property, plant and equipment, net | $ | 7,626 | $ | 7,762 | ||||
| Marketable securities | 820 | 839 | ||||||
| Right-of-use assets | 499 | 498 | ||||||
| Deferred tax assets | 250 | 188 | ||||||
| Other assets | 1,179 | 1,096 | ||||||
| Non-current assets | $ | 10,374 | $ | 10,383 | ||||
| Total assets | $ | 16,479 | $ | 16,799 | ||||
| Liabilities and equity: | ||||||||
| Current portion of long-term debt | $ | 57 | $ | 753 | ||||
| Other current liabilities | 2,371 | 2,291 | ||||||
| Current liabilities | $ | 2,428 | $ | 3,044 | ||||
| Non-current portion of long-term debt | $ | 1,071 | $ | 1,053 | ||||
| Non-current portion of lease obligations | 426 | 424 | ||||||
| Other liabilities | 1,450 | 1,454 | ||||||
| Non-current liabilities | $ | 2,947 | $ | 2,931 | ||||
| Total liabilities | $ | 5,375 | $ | 5,975 | ||||
| Shareholders’ equity: | ||||||||
| Common stock / additional paid-in capital | $ | 24,057 | $ | 24,025 | ||||
| Accumulated deficit | (13,056 | ) | (13,266 | ) | ||||
| Accumulated other comprehensive income | 53 | 17 | ||||||
| Non-controlling interest | 50 | 48 | ||||||
| Total liabilities and equity | $ | 16,479 | $ | 16,799 | ||||
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GLOBALFOUNDRIES Inc.
Condensed Consolidated Statements of Cash Flows |
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| Three Months Ended | ||||||||
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March 31, 2025 |
March 31, 2024 |
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| Operating Activities: | ||||||||
| Net income | $ | 211 | $ | 134 | ||||
| Depreciation and amortization | 352 | 392 | ||||||
| Finance (income) expense, net and other | 9 | 6 | ||||||
| Net change in working capital | (144 | ) | (97 | ) | ||||
| Other non-cash operating activities | (97 | ) | 53 | |||||
| Net cash provided by operating activities | $ | 331 | $ | 488 | ||||
| Investing Activities: | ||||||||
| Purchases of property, plant and equipment and intangible assets | $ | (166 | ) | $ | (227 | ) | ||
| Acquisition of joint venture interest, net of cash acquired | (19 | ) | — | |||||
| Net purchases of marketable securities | (61 | ) | (371 | ) | ||||
| Other investing activities | 35 | (2 | ) | |||||
| Net cash used in investing activities | $ | (211 | ) | $ | (600 | ) | ||
| Financing Activities: | ||||||||
| Proceeds from issuance of equity instruments | $ | 16 | $ | 23 | ||||
| Proceeds (repayment) of debt, net | (733 | ) | (50 | ) | ||||
| Net cash used in financing activities | $ | (717 | ) | $ | (27 | ) | ||
| Effect of exchange rate changes | 1 | (1 | ) | |||||
| Net change in cash and cash equivalents | $ | (596 | ) | $ | (140 | ) | ||
| Cash and cash equivalents at the beginning of the period | 2,192 | 2,387 | ||||||
| Cash and cash equivalents at the end of the period | $ | 1,596 | $ | 2,247 | ||||
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GLOBALFOUNDRIES Inc.
Reconciliation of IFRS to Non-IFRS |
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| Three Months Ended March 31, 2025 | ||||||||||||||||||||||||||||||||
|
Gross profit |
Selling, General & Administrative |
Research & Development |
Operating profit |
Other Income (Expense) |
Income tax (expense) benefit |
Net income |
Diluted EPS |
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| As Reported | $ | 355 | $ | 77 | $ | 127 | $ | 151 | $ | 30 | $ | 16 | $ | 211 | $ | 0.38 | ||||||||||||||||
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IFRS margins (1) |
22.4 | % | 9.5 | % | 13.3 | % | ||||||||||||||||||||||||||
| Share-based compensation | 13 | (20 | ) | (7 | ) | 40 | — | (2 | ) | 38 | 0.07 | |||||||||||||||||||||
| Structural optimization(2) | 11 | (5 | ) | (5 | ) | 21 | — | (3 | ) | 18 | 0.03 | |||||||||||||||||||||
| Amortization of acquired intangibles and other acquisition related charges | — | — | (1 | ) | 1 | (31 | ) | 6 | (24 | ) | (0.04 | ) | ||||||||||||||||||||
| Revaluation of equity investments | — | — | — | — | (6 | ) | — | (6 | ) | (0.01 | ) | |||||||||||||||||||||
| Tax matters(3) | — | — | — | — | — | (48 | ) | (48 | ) | (0.09 | ) | |||||||||||||||||||||
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Non-IFRS measures (1) |
$ | 379 | $ | 52 | $ | 114 | $ | 213 | $ | (7 | ) | $ | (31 | ) | $ | 189 | $ | 0.34 | ||||||||||||||
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Non-IFRS margins (1) |
23.9 | % | 13.4 | % | 11.9 | % | ||||||||||||||||||||||||||
| Three Months Ended December 31, 2024 | ||||||||||||||||||||||||||||||||
|
Gross profit |
Selling, General & Administrative |
Research & Development |
Operating profit |
Other Income (Expense) |
Income tax (expense) benefit |
Net income |
Diluted EPS |
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| As Reported | $ | 449 | $ | 93 | $ | 121 | $ | (701 | ) | $ | (1 | ) | $ | (42 | ) | $ | (729 | ) | $ | (1.32 | ) | |||||||||||
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IFRS margins (1) |
24.5 | % | (38.3 | )% | (39.8 | )% | ||||||||||||||||||||||||||
| Share-based compensation | 15 | (22 | ) | (8 | ) | 45 | — | — | 45 | 0.09 | ||||||||||||||||||||||
| Structural optimization(2) | — | (2 | ) | (1 | ) | 3 | — | (1 | ) | 2 | 0.01 | |||||||||||||||||||||
| Amortization of acquired intangibles and other acquisition related charges | — | — | (2 | ) | 2 | — | — | 2 | — | |||||||||||||||||||||||
| Impairment of long-lived assets | — | — | — | 935 | — | — | 935 | 1.68 | ||||||||||||||||||||||||
| Restructuring charges | — | — | — | 1 | — | — | 1 | — | ||||||||||||||||||||||||
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Non-IFRS measures (1) |
$ | 464 | $ | 69 | $ | 110 | $ | 285 | $ | (1 | ) | $ | (43 | ) | $ | 256 | $ | 0.46 | ||||||||||||||
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Non-IFRS margins (1) |
25.4 | % | 15.6 | % | 14.0 | % | ||||||||||||||||||||||||||
| Three Months Ended March 31, 2024 | ||||||||||||||||||||||||||||||||
|
Gross profit |
Selling, General & Administrative |
Research & Development |
Operating profit |
Other Income (Expense) |
Income tax (expense) benefit |
Net income |
Diluted EPS |
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| As Reported | $ | 393 | $ | 122 | $ | 124 | $ | 147 | $ | (2 | ) | $ | (21 | ) | $ | 134 | $ | 0.24 | ||||||||||||||
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IFRS margins (1) |
25.4 | % | 9.5 | % | 8.7 | % | ||||||||||||||||||||||||||
| Share based compensation | 12 | (21 | ) | (7 | ) | 40 | — | — | 40 | 0.07 | ||||||||||||||||||||||
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Non-IFRS measures (1) |
$ | 405 | $ | 101 | $ | 117 | $ | 187 | $ | (2 | ) | $ | (21 | ) | $ | 174 | $ | 0.31 | ||||||||||||||
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Non-IFRS margins (1) |
26.1 | % | 12.1 | % | 11.2 | % | ||||||||||||||||||||||||||
(
1
) See “Financial Measures (Non-IFRS)” for further discussion on these Non-IFRS measures and why we believe they are useful.
(
2
) Structural optimization represents costs associated with employee workforce reduction and manufacturing footprint alignment.
(
3
) Comprised of net deferred tax asset recognition and foreign exchange rate impact.
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GLOBALFOUNDRIES Inc.
Reconciliation of IFRS to Non-IFRS |
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| Three Months Ended | ||||||||||||
| March 31, 2025 | December 31, 2024 |
March 31, 2024 |
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| Net cash provided by operating activities | $ | 331 | $ | 457 | $ | 488 | ||||||
| Less: Purchases of property, plant and equipment and intangible assets | (166 | ) | (135 | ) | (227 | ) | ||||||
| Add: Proceeds from government grants | — | 6 | — | |||||||||
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Non-IFRS adjusted free cash flow (1) |
$ | 165 | $ | 328 | $ | 261 | ||||||
(1) See “Financial Measures (Non-IFRS)” for further discussion on this Non-IFRS measure and why we believe it is useful.
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Reconciliation of IFRS to Non-IFRS
Non-IFRS Adjusted EBITDA |
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| Three Months Ended | ||||||||||||
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March 31, 2025 |
December 31, 2024 | March 31, 2024 | ||||||||||
| Net revenue | $ | 1,585 | $ | 1,830 | $ | 1,549 | ||||||
| Net income (loss) | 211 | (729 | ) | 134 | ||||||||
| Net income (loss) margin | 13.3 | % | (39.8 | )% | 8.7 | % | ||||||
| Depreciation and amortization | 352 | 378 | 392 | |||||||||
| Finance expense | 25 | 34 | 37 | |||||||||
| Finance income | (39 | ) | (49 | ) | (47 | ) | ||||||
| Income tax expense (benefit) | (16 | ) | 42 | 21 | ||||||||
| Share-based compensation | 40 | 45 | 40 | |||||||||
| Restructuring charges | — | 1 | — | |||||||||
| Impairment of long-lived assets | — | 935 | — | |||||||||
| Structural optimization | 21 | 3 | — | |||||||||
| Revaluation of equity investments | (6 | ) | — | — | ||||||||
| Other acquisition related charges | (30 | ) | 1 | — | ||||||||
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Non-IFRS adjusted EBITDA (1) |
$ | 558 | $ | 661 | $ | 577 | ||||||
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Non-IFRS adjusted EBITDA margin (1) |
35.2 | % | 36.1 | % | 37.2 | % | ||||||
(
1
) See “Financial Measures (Non-IFRS)” for further discussion on this Non-IFRS measure and why we believe it is useful.
GLOBALFOUNDRIES Inc.
Financial Measures (Non-IFRS)
In addition to the financial information presented in accordance with International Financial Reporting Standards (“IFRS”), this press release includes the following Non-IFRS financial measures: Non-IFRS gross profit, Non-IFRS operating profit, Non-IFRS operating expense, Non-IFRS net income, Non-IFRS selling, general and administrative, Non-IFRS research and development, Non-IFRS other income (expense), Non-IFRS income tax benefit (expense), Non-IFRS diluted earnings per share (“EPS”), Non-IFRS adjusted EBITDA, Non-IFRS adjusted free cash flow and any related margins. We define each of Non-IFRS gross profit, Non-IFRS selling, general and administrative, Non-IFRS research and development, Non-IFRS operating profit, Non-IFRS other income (expense), Non-IFRS income tax benefit (expense) and Non-IFRS net income as gross profit, selling, general and administrative, research and development, operating profit, other income (expense), income tax benefit (expense), and net income, respectively, adjusted for share-based compensation, structural optimization, amortization of acquired intangibles and other acquisition related charges, impairment of long-lived assets, revaluation of equity investments, restructuring charges, tax matters, and any associated income tax effects. We define Non-IFRS operating expense as Non-IFRS gross profit minus Non-IFRS operating profit. We define Non-IFRS diluted EPS as Non-IFRS net income divided by the diluted shares outstanding. We define Non-IFRS adjusted free cash flow as cash flow provided by (used in) operating activities less purchases of property, plant and equipment and intangible assets plus proceeds from government grants related to capital expenditures. We define Non-IFRS adjusted EBITDA as net income adjusted for the impact of finance expense, finance income, income tax expense (benefit), depreciation and amortization, share-based compensation, restructuring charges, impairment of long-lived assets; revaluation of equity investments, structural optimization and acquisition related charges. We define each of Non-IFRS gross margin, Non-IFRS operating margin, Non-IFRS net income margin and Non-IFRS adjusted EBITDA margin as Non-IFRS gross profit, Non-IFRS operating profit, Non-IFRS net income and Non-IFRS adjusted EBITDA, respectively, divided by net revenue. Any adjustments described above that are zero for a given period are excluded from the “Reconciliation of IFRS to Non-IFRS” table. See “Reconciliation of IFRS to Non-IFRS” section for a detailed reconciliation of Non-IFRS financial measures to the most directly comparable IFRS measure.
We believe that in addition to our results determined in accordance with IFRS, these Non-IFRS financial measures provide useful information to both management and investors in measuring our financial performance and highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures. These Non-IFRS financial measures provide supplemental information regarding our operating performance that excludes certain gains, losses and non-cash charges that occur relatively infrequently and/or that we consider to be unrelated to our core operations. Management believes that Non-IFRS adjusted free cash flow as a Non-IFRS measure is helpful to investors as it provides insights into the nature and amount of cash the Company generates in the period.
Non-IFRS financial information is presented for supplemental informational purposes only and should not be considered in isolation or as a substitute for financial information presented in accordance with IFRS. Our presentation of Non-IFRS measures should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items. Other companies in our industry may calculate these measures differently, which may limit their usefulness as comparative measures.
Conference Call and Webcast Information
GF will host a conference call with the financial community on Tuesday, May 6, 2025 at 8:30 a.m. U.S. Eastern Time (ET) to review the first quarter 2025 results in detail. Interested parties may join the scheduled conference call by registering at https://edge.media-server.com/mmc/p/jgpem5gd/.
The call will be webcast and can be accessed from the GF Investor Relations website https://investors.gf.com. A replay of the call will be available on the GF Investor Relations website within 24 hours of the actual call.
About GlobalFoundries
GlobalFoundries® (GF®) is one of the world’s leading semiconductor manufacturers. GF is redefining innovation and semiconductor manufacturing by developing and delivering feature-rich process technology solutions that provide leadership performance in pervasive high growth markets. GF offers a unique mix of design, development and fabrication services. With a talented and diverse workforce and an at-scale manufacturing footprint spanning the U.S., Europe and Asia, GF is a trusted technology source to its worldwide customers. For more information, visit www.gf.com.
Forward-looking Statements and Third Party Data
This press release includes “forward-looking statements” that reflect our current expectations and views of future events. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995 and include but are not limited to, statements regarding our financial outlook, future guidance, product development, business strategy and plans, and market trends, opportunities and positioning. These statements are based on current expectations, assumptions, estimates, forecasts, projections and limited information available at the time they are made. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall,” “outlook,” “on track” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are subject to a broad variety of risks and uncertainties, both known and unknown. Any inaccuracy in our assumptions and estimates could affect the realization of the expectations or forecasts in these forward-looking statements. For example, our business could be impacted by geopolitical conditions such as the ongoing political and trade tensions with China and the continuation of conflicts in Ukraine and Israel; political developments following the change in the U.S. administration; the imposition of trade controls, tariffs and counter-tariffs between the United States and its trade partners; the market for our products may develop or recover more slowly than expected or than it has in the past; we may fail to achieve the full benefits of our restructuring plan; our operating results may fluctuate more than expected; there may be significant fluctuations in our results of operations and cash flows related to our revenue recognition or otherwise; a network or data security incident that allows unauthorized access to our network or data or our customers’ data could result in a system disruption, loss of data or damage our reputation; we could experience interruptions or performance problems associated with our technology, including a service outage; global economic conditions could deteriorate, including due to rising inflation and any potential recession; the expected benefits of our announced partnerships may fail to materialize; and our expected results and planned expansions and operations may not proceed as planned if funding we expect to receive (including the planned awards under the U.S. CHIPS and Science Act and New York State Green CHIPS) is delayed or withheld for any reason. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Moreover, we operate in a competitive and rapidly changing market, and new risks may emerge from time to time. You should not rely upon forward-looking statements as predictions of future events. These statements are based on our historical performance and on our current plans, estimates and projections in light of information currently available to us, and therefore you should not place undue reliance on them.
Although we believe that the expectations reflected in our statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances described in the forward-looking statements will be achieved or occur. Moreover, neither we, nor any other person, assumes responsibility for the accuracy and completeness of these statements. Recipients are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date such statements are made and should not be construed as statements of fact. Except to the extent required by federal securities laws, we undertake no obligation to update any information or any forward-looking statements as a result of new information, subsequent events or any other circumstances after the date hereof, or to reflect the occurrence of unanticipated events. For a discussion of potential risks and uncertainties, please refer to the risk factors and cautionary statements in our 2024 Annual Report on Form 20-F, current reports on Form 6-K and other reports filed with the Securities and Exchange Commission (SEC). Copies of our SEC filings are available on our Investor Relations website, investors.gf.com, or from the SEC website, www.sec.gov.
For further information, please contact:
Investor Relations
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